Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of Spotify Technology S.A. (NYSE:SPOT – Get Rating) by 3.6% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 79,540 shares of the company’s stock after selling 2,999 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Spotify Technology were worth $6,280,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. Alecta Tjanstepension Omsesidigt grew its holdings in Spotify Technology by 29.3% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 3,925,600 shares of the company’s stock valued at $309,848,000 after buying an additional 890,000 shares in the last quarter. BlackRock Inc. grew its holdings in Spotify Technology by 20.2% in the 3rd quarter. BlackRock Inc. now owns 4,214,562 shares of the company’s stock valued at $363,717,000 after buying an additional 707,653 shares in the last quarter. Samlyn Capital LLC grew its holdings in Spotify Technology by 394.4% in the 3rd quarter. Samlyn Capital LLC now owns 453,792 shares of the company’s stock valued at $39,162,000 after buying an additional 362,003 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Spotify Technology in the 1st quarter valued at $37,966,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Spotify Technology by 64.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 522,338 shares of the company’s stock valued at $78,883,000 after buying an additional 204,183 shares in the last quarter. 52.80% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
SPOT has been the topic of several recent analyst reports. JPMorgan Chase & Co. upped their price target on Spotify Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, February 1st. Barclays upped their price target on Spotify Technology from $131.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, February 1st. Robert W. Baird initiated coverage on Spotify Technology in a research note on Tuesday, April 11th. They issued an “outperform” rating and a $160.00 price target on the stock. Wells Fargo & Company raised Spotify Technology from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $121.00 to $180.00 in a research note on Monday, February 6th. Finally, Pivotal Research upped their price target on Spotify Technology from $100.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, February 1st. Seven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $143.13.
Spotify Technology Stock Down 0.6 %
Spotify Technology (NYSE:SPOT – Get Rating) last posted its quarterly earnings results on Tuesday, April 25th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.01) by ($0.23). Spotify Technology had a negative net margin of 6.49% and a negative return on equity of 33.54%. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.39 billion. On average, equities research analysts predict that Spotify Technology S.A. will post -3.02 EPS for the current fiscal year.
Spotify Technology Company Profile
Spotify Technology SA is a digital music service offering music fans instant access to a world of music. It operates through the Premium and Ad-Supported segments. The Premium segment provides subscribers with unlimited online and offline high-quality streaming access of music and podcasts on computers, tablets, and mobile devices.
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